Gold plummets to $ 1900 on optimism over Pfizer vaccine

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  • The dollar, the yen and the gold under pressure before the soaring of the markets.
  • Pfizer study shows 90% effectiveness of coronavirus vaccine effectiveness.

The Gold fell from $ 1960 to $ 1900, in minutes, after it was known that the Pfizer vaccine was 90% effective in preventing the disease among volunteers. The data flooded equity markets with optimism and generated downward pressure on so-called safe-haven assets.

The precious metal is losing more than 2%, while Wall Street futures point to a positive opening of the Dow Jones with gains of more than 5%. In Europe the main squares also rise significantly.

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While gold is collapsing, the price of oil has risen more than 8%. The WTI barrel went from being in the $ 38.00 zone, to approaching $ 41.00 in minutes.

Gold is trading at $ 1915, having found support in the $ 1900 area, which has become the level to break. If you do, the pressures could intensify.

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The rapid change put the metal’s bullish bias at risk. A return above $ 1935 could re-energize the XAU / USD to resume its journey north.

Credits: Forex Street

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